Business & Investment

CRA Cash’s non-cashed check is $ 1.2 billion: check if you qualify

“Non-cash checks” have been piled up by the Canada Revenue Agency (CRA) and are worth more than $ 1 billion to date. The tax authorities issue refunds and benefits, but the recipient has not cashed the check for unknown reasons. The CRA is currently asking Canadians to charge money that has been idle or dormant for at least six months.

The CRA keeps checks that are legitimate to a particular individual. However, the volume will continue to grow at a rate of 1,700 checks per day. The approximate value added to the list is $ 500,000. According to CRA spokeswoman Sylvie Branch, this list does not include Canada Emergency Response Benefit (CERB) checks and more. COVID-19 Relief Payment..

Possible Reasons for Non-Cashed Checks

Following CRA reviews, dormant payments are primarily Long-term program Canada Child Allowance (CCB) and GST / HST reimbursement. Some are income tax refunds. Therefore, tax authorities cannot infer whether the payment of large amounts of COVID-19 relief is related to the increase in unclaimed checks.

The CRA can only indicate that the taxpayer has misplaced the check or that the check was not delivered due to a change of address. If your CRA check is lost, stolen, or destroyed, you can ask your agent to copy your check. Also, the tax authorities cannot revoke the original check without the taxpayer’s permission or request. Therefore, all government checks have no expiration date or expiration date.

Bill your money

If you are one of the thousands with unclaimed money, visit the CRA website for the “Uncashed Checks” feature. The CRA has started the program due to the increasing incidence of taxpayers not cashing checks. So far, in the first eight months of the program, nearly 480,000 checks worth $ 108 million have been redeemed.

In the future, CRA will advise taxpayers to sign up for deposits directly on their behalf. The money will then be sent directly to their account. Please make sure that your address is also updated for the purpose of accurate check mailing or delivery.

Elastic passive income machine

Canadians who have saved money during the pandemic can make dividend investments to increase their household income. The stock market has recovered from COVID-19, although some of the established dividend stocks are trading at reasonable prices.

Industrial Real Estate Investment Trusts (REITs) are pandemic-recognized passive income institutions. Summit Industrial (TSX: SMU.UN) owns a portfolio of high quality light industrial real estate in high demand. Leading e-commerce retailers need warehousing facilities and distribution hubs.

The Summit Industrial has a market capitalization of $ 2.29 billion and its shares pay a decent 3.97% dividend. Rent income should be stable for years due to the low volatility of market rents on the industrial side of the real estate sector.

If you want to be a mortgage-free real estate investor, this recession-resistant REIT allows you to make your dreams come true. There are few opportunities to become a mock landlord. Summit Industrial is $ 13.70 per share and you can buy a stream of recurring income cheaply.

Taxpayers can recover long-lost funds

If you have lost or did not receive your CRA check in the past, remember. You have a way to recover the money lost for a long time. Tax authorities also plead for Canadians to apply for deposits directly to prevent the government from overflowing with financial resources.

Speaking of $ 1.2 billion worth of non-cash checks, CRA is asking taxpayers to redeem …

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CRA Cash’s non-cashed check is $ 1.2 billion: check if you qualify

https://www.fool.ca/2021/01/30/cra-cash-has-1-2-billion-in-uncashed-checks-see-if-you-qualify/ CRA Cash’s non-cashed check is $ 1.2 billion: check if you qualify

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